Bond Market Plummeted: Domestic Bond Market Is Gloomy And Gloomy.

Insiders pointed out that over the past month or more, the liquidity of the IMF was being tested by the tightening of funds, and it was generally subjected to a certain redemption pressure.

The size of individual companies' Monetary Fund has shrunk even tens of billions of dollars.

In addition, the regulatory authorities recently conducted window guidance on the liquidity risk of the IMF, requiring the fund company to strengthen the risk monitoring of the IMF and take effective measures to prevent and deal with it.

All this indicates that the IMF has been under great pressure in December.

In 2016, the bond fund became the most popular fund type of outsourcing funds. The fund's pursuit of debt base also kept its scale growing rapidly. The latest data showed that the debt scale reached a new high at the end of November, approaching 1 trillion and 400 billion yuan.

The Fund Industry Association released the latest public fund market data.

Statistics show that as of the end of 11, the total scale of bond funds was 1 trillion and 399 billion 668 million yuan, an increase of 91 billion 981 million yuan over October, an increase of 7.03%, representing 16.01% of the total fund size and 1.05 percentage points higher than that of the end of 10.

If the time dimension is lengthened, the development of the bond fund in the last year is even more amazing.

Compared with the data at the end of 11 in 2015, the total debt base increased by 826 billion 202 million yuan over the same period last year, an increase of 59.03%, representing a 8.05 percentage point increase in the total fund size from 7.96% a year ago.

However, in the past week, the domestic bond market has been gloomy, the bond market has plummeted, and the Treasury bond futures have even gone down historically, making many bond fund managers' hard accumulated earnings almost evaporated.

Wang Shen, director of the research group of fixed income headquarters at the time fixed fund, believes that this round of bond market adjustment, though some marginal changes are expected in the fundamentals, is fundamentally not driven by fundamentals. In fact, there is no qualitative change in the macro fundamentals. The current round of yield returns is more of an amendment to the acceleration of leverage in the past.

At present, there is no systematic opportunity for the bond market, only trading opportunities.

In contrast, it has lasted for a long time.

The monetary fund of half the sky has shrunk.

Monetary Fund has always been used as a sharp weapon at the end of the year, and the scale will also rise at the end of the year.

But this year, this phenomenon has changed.

The net value of the IMF at the end of November was 3 trillion and 909 billion 142 million yuan, which has shrunk for third consecutive months.

In the first 3 months, it was 4 trillion and 531 billion 254 million yuan at the end of August, 44329.60 at the end of September and 4 trillion and 178 billion 315 million yuan at the end of October.

It is not hard to see that the IMF has been shrinking in 3 months and is shrinking.

The net value in 9, 10 and November decreased by 98 billion 294 million yuan, 254 billion 645 million yuan, and 269 billion 173 million yuan respectively, and the monthly decline was 2.17%, 5.74% and 6.44% respectively.

And in December, when the stock debt was double killed,

The scale of the fund's shrinking may still be irreversible.

Overall, as of the end of 11, the total scale of public funds has been shrinking for second consecutive months.

As of November 30th, the scale of public fund assets was 8 trillion and 740 billion 207 million yuan, a slight decrease of 687 million yuan compared with 8 trillion and 740 billion 894 million yuan at the end of 10, and the size of public fund shares was 8 trillion and 266 billion 512 million, which was 17 billion 40 million fewer than 8 trillion and 283 billion 552 million at the end of 10, with a decrease of 0.2%.

"Although the private placement data for November have not yet been released, at the end of 10,

The scale of the subscription has been reversed against the public fund, which is obviously difficult for public funds to catch up with private equity funds in November.

An industry insider sent a sigh.

From the overall scale of the market, as of the end of November 2016, there were 108 fund management companies in China, an increase from the end of 10.

Among them, there are 44 Sino foreign joint ventures and 64 domestic funded companies. There are 12 subsidiaries of securities companies or securities companies that have obtained the qualification of public fund management, and 1 insurance and information management companies.

The total assets of the public funds managed by the above institutions amount to 8 trillion and 740 billion yuan.

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